Rand a little softer as consumer confidence drops

The rand was slightly weaker against major global currencies on Wednesday afternoon, after disappointing local consumer confidence data once again underscored the parlous nature of SA’s economic recovery.

The FNB-sponsored quarterly poll done by the Bureau for Economic Research (BER) found the third-quarter’s consumer confidence index fell to seven points from 22 points — far lower than the economists’ consensus of 17 points.

The deterioration in consumer sentiment during the third quarter of 2018 could mainly be ascribed to substantial drops in the economic outlook and household financial prospects sub-indices of the index, FNB said, where the indices plunged by 24 and 18 points respectively.

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